WHEELING - WesBanco has announced increased earnings for the six-month period ending June 30.
Net income for the period was $24 million compared to $22.2 million for the same period in 2011, representing an increase of 8.3 percent, according to Paul M. Limbert, president and chief executive officer. Diluted earnings per share were 90 cents, compared to 83 cents per share for the same period last year.
Net income was $12 million ending June 30 compared to $11.9 million for the second quarter of 2011 while diluted earnings per share were 45 cents for the second quarter of 2012 and 2011.
"WesBanco continued to produce strong earnings in the first half of 2012 by increasing non-interest income, reducing the cost of funds and controlling non-interest expense," Limbert said.
The bank's focus on enhancing the loan origination network and processes have resulted in significant increases in new loan production and loan growth in 2012 while at the same time consistently improving credit quality, he said.
"We are pleased with our results in this area, with our many successes in the first six months of 2012 and with the recent announcement of the pending merger of WesBanco and Fidelity Bancorp Inc.," Limbert said. "We look forward to servicing the customers and providing opportunities for the employees of Fidelity in the future, and expanding our presence in the Pittsburgh market."
Total assets at June 30 increased 1.8 percent or $99.5 million in the last 12 months and were nearly unchanged from the prior year-end. Increases over the last year were primarily from increased investments in securities, funded by increases in deposits. Portfolio loans increased $52.1 million in the second quarter compared to the first quarter of 2012 and $36.5 million compared to the prior year-end as a result of growth in commercial and commercial real estate lending in the current quarter and residential mortgage loans in both quarters of 2012. Loan production increased 30.6 percent in the first half of 2012 compared to the first half of 2011.
WesBanco continued to strengthen its regulatory capital ratios with tier I leverage at 8.94 percent, tier I risk-based capital at 13.11 percent, and total risk-based capital at 14.36 percent, all of which consistently improved over the last two and a half years. Both consolidated and bank-level regulatory capital ratios are well above the applicable "well-capitalized" standards promulgated by bank regulators. Total tangible equity to tangible assets (non-GAAP measure) was 7 percent at June 30, a 41 basis point increase from a year ago. WesBanco increased its quarterly dividend to 15 cents per share in February 2011 to 16 cents per share in August 2011 and to 17 cents per share in February 2012.
